Crude Oil Movement
Crude Oil prices advanced 1.19% against the USD for the 24 hour period ending 23:00GMT, closing at 46.69, as the ECB hinted towards additional monetary stimulus measures, which could increase the demand outlook of the commodity.
In the Asian session, at GMT0300, the pair is trading at 46.58, with the oil trading 0.24% lower from yesterday’s close.
The pair is expected to find support at 45.34, and a fall through could take it to the next support level of 44.11. The pair is expected to find its first resistance at 48.11, and a rise through could take it to the next resistance level of 49.65.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
